Spain Job Market Offers Glimmer of Hope

MADRID—The number of registered job seekers in Spain fell sharply in May as hiring ahead of the summer vacation season offered hope that unemployment may be close to peaking in the recession-battered economy.

Seasonally adjusted, the one-month drop reported Tuesday by the Labor Ministry was negligible. But the ministry said this year's 2% unadjusted decline was double the average drop for the month and the steepest since it began counting in 2002.